No Tariff Ruling Leaves Market in Limbo; Nasdaq Climbs 0.3%
Stocks are not moving much this week overall so far but a few notable stocks are standing out during an important earnings season.
Quick overview
- Stocks showed little movement on Monday due to a delayed Supreme Court ruling on Trump's tariffs.
- The Nasdaq Composite rose by 0.3%, while the Dow Jones fell by 0.18%, with the S&P 500 seeing a slight increase of 0.05%.
- Envirotech Vehicles' stock surged 228% following a merger announcement, while Wal-Mart reached an all-time high with a 3.15% gain.
- Citigroup and other banks experienced declines amid discussions of capping credit card rates, with quarterly results expected this week.
As the market opened on Monday, stocks moved little thanks to a delayed ruling from the Supreme Court on President Donald Trump’s tariffs.
The Nasdaq Composite added 0.3% on Monday, and the Dow Jones fell 0.18%, leaving the S&P 500 sandwiched in between with a 0.05% increase. The Supreme Court has announced a date for its tariff ruling- Wednesday- and the investors appear to be waiting for that ruling to make big moves this week.
The Department of Justice just opened a criminal investigation into Jerome Powell, the Federal Reserve chair over renovations to Federal reserve buildings. Their findings could influence market movement as well, since Powell has been responsible for recommending recent interest rate changes for the Fed.
Which Stocks to Watch This Week
A few stocks are moving wildly at the moment, not held back at all by the lack of movement on legal proceedings. A new merger for Envirotech Vehicles (EVTV) has caused their stock price to jump 228% today. The company is merging with AZIO AI in what may be a bid to use AI in their future products.
Wal-Mart’s (WMT) gains of 3.15% today are perhaps less impressive but significant at a time when most stocks are just treading water. The new stock price of $118.27 is a new all-time high for the company. Wal-Mart has been performing well for a while now. showing strength and growth even when competitors like Target and Dollar General have had to tighten up their operations. The big jump in the company’s stock price happened because they have joined the Nasdaq index, though.
Citigroup (C) fell 3% on Monday after President Trump talked about capping credit card rates for the next year. There has been similar decline from Capital One (down 6%) and Bank of America (down 1%). No decision has been made on card rates yet, but investors should expect further decline on these and related stocks if Trump moves forward with his plan.
Banks will be publishing their quarterly results this week during the earnings season for the largest of the corporate banking institutions in the United States. These include Weeks Fargo, Morgan Stanley, and JPMorgan Chase. They performed very well last quarter and will likely come in line or ahead of estimates with modestly high expectations this earnings season as well.
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